Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[becoin]

Damn, back over $800 already, is that shorts covering?

The longer no news comes out of China about follow ups to the exchange's inspections the higher the price will go. If China takes action against a big exchange it will crash, otherwise it will go back up.

If China takes action against a big exchange it will not crash because it won't be a news anymore. It is already priced in. The most they can do is confiscate peoples bitcoins kept on that exchange.

[Elwar]

For long term investors, the spike above $1000 wasn't earned properly.

You shouldn't get too excited about a short term spike, because it'll never hold. Get excited when we drift over $1000 and it becomes the new firm support. May take most of the year to get there, but we'll get there.

I think those that have been around knew that it was a speculative bubble. We all knew that it would go up and crash back down once that speculation ended. We all had our hands on the trigger hoping we'd catch the top. But it fizzled before it started. I had planned on selling half at $3k if it followed past bubbles. With the full expectation that it would crash back down to $1k where I would buy back in. But if we gradually climbed to $3k over a couple of years, I would not be selling.

I agree, solid $1k by the end of 2017 though.

I do believe, however, that the ETF getting approved will come with a firm move upwards that will stay up due to expanding into a market with much more money than what we have been exposed to so far.

[Chainsaw]

Long term support for the bottom:



Descending wedge in the shorter term:



Descending wedges are typically reversal patterns, and we would have to break a strong support line to defy expectations upon pattern resolution. The support line will force the shorter term descending wedge to terminate before its forced termination at convergence. The two trends converge by 1/18 14:00.

I am expecting one more leg downwards, constrained by both the wedge and support.
If these hold, then the lowest low would be $686.

[chopstick]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

[Dafar]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

Fuck off with your BU bullshit


SegWit and LN aren't the end-all scaling solution but they are definitely more real and ready and less risky than a YOLO-FORK to BU

[spooderman]

wut? we rallying now?

[chopstick]

Segwit is a cheap accounting trick / potential poison pill and LN will never, ever exist in any useable form anytime soon.

We don't have 5 years for Lightning Network to suddenly become reality. The world will not wait for your Lightning Network.

BU or Classic, it doesn't matter to me.

Kore can fuck-off with trying to transform Satoshi's vision into their own personal wealth and whatever Goldman & Sachs told them to do when they funded their $75 million in VC funding.

Bloody morons!

[logictense]

This dump must be limited by $725. That will be the level where I'm prepared to seek an entry into highly leveraged long position. U may wish to buy now but there are still multiple technical reasons that are capable of reducing the price to $720.

Exactly. Stopped around $735. I bought spot on both okcoin and finex, and am looking to add to longs once the first trough on the way up is formed. It felt short of my target by 10 USD, which is a negligible price distance to be worried about. I had jumped aboard before $735 hit and couldnt complain.

[Paashaas]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

If you want to see 100m+ users, we will need Lightning ore 1 gig+ blocks and that will NOT happen in the comming 10 years. So getting Segwit+Lightning is a much better deal.

[spooderman]

my ignore list just had one name added to it.

[mb300sd]

[soullyG]

The change of buy/sell volume at OKCoin since the latest PBoC meetings is incredible, it's like 5x less than previous "low-volume" time periods. Huobi doesn't seem to share the same behaviour - could this mean there was more "fake" trading at OKCoin?

[JimboToronto]

Good morning Bitcoinland.

I see we're starting to recover from the silly panic induced by the PBOC investigations...currently $812USD (Bitcoinaverage).

Trading cultists can get so emotional. Sorry Chicken Little, the sky didn't fall. The principles of Bitcoin remain. All those waves, charts and gobbledygook don't really account for much except giving traders a sense of self-importance.

It's hilarious to see Huobi trading at $25 less than the western exchanges. Let's see how long that lasts.

[DaRude]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

Ahh those bloody idiots are back 

Can you do no maths? How big will the blocks need to be to "handle an increase in 100 million+ users"  yeah maths are hard. Please fork off already to your alt and have fun just don't call it bitcoin to confuse people

[podyx]

Long term support for the bottom:

img width=960]https://i.imgur.com/Kv72luB.png[/img]

Descending wedge in the shorter term:



Descending wedges are typically reversal patterns, and we would have to break a strong support line to defy expectations upon pattern resolution. The support line will force the shorter term descending wedge to terminate before its forced termination at convergence. The two trends converge by 1/18 14:00.

I am expecting one more leg downwards, constrained by both the wedge and support.
If these hold, then the lowest low would be $686.

Some solid TA for once. Didn't catch that wedge myself

[gembitz]

^lightning network alpha launched yesterday!    *where you find these n00bs!!!

[BitcoinNewsMagazine]

I think the bottom is in. Two legs down completes an EW abc correction. If I am wrong best estimate is we would see a $658 - $700 flash crash but as time goes on that seems less likely.

[chopstick]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

Ahh those bloody idiots are back 

Can you do no maths? How big will the blocks need to be to "handle an increase in 100 million+ users"  yeah maths are hard. Please fork off already to your alt and have fun just don't call it bitcoin to confuse people

Stop pretending that the present technology couldn't handle large blocks.

Perhaps the solution is to do both (blocksize increase and off-chain LN type deal)

But you can't just do one, or the other. Core has refused to compromise over and over, they refuse to raise the blocksize to even 2mb which pretty much everyone agrees could be very EASILY handled.

Core has shown they have no leadership skills, no vision and are motivated primarily to their own self-serving egos. They do not serve the greater whole. Furthermore, they engage in a deceptive campaign of censorship and other shady tactics to force their own side to "win", this has needlessly damaged the Bitcoin community itself by refusing to even allow certain discussions. The community has been effectively divided in this way. Can you even quantify the damage that has been done to all of us as a result of this?

You can ignore it all if you want, but it will hurt you in the end.

[European Central Bank]

Stop pretending that the present technology couldn't handle large blocks.

bandwidth, baby. you can have all the tech you want, but when it comes to that you're depending on a bunch of work shy guys to turn up in a van and dig up your road. some people are lucky enough to be in a regularly upgraded area, others haven't had a change since the early 2000s.

on top of that you're at the mercy of your isp limits too. a lot of places will throttle you if you have a fraction of the average node's throughput.

[DaRude]

The big-blockers need to fork off already so that we can get on with Project Bitcoin, Satoshi's Vision and not this twisted Kore-Coin crapola.

If we don't, price will continue to stagnate.

Bitcoin has the potential to benefit in infinite ways from the global economic turmoil that is around the corner. In this way, BTC's price could spike to unimaginable highs. But it will never happen with no scaling solution, BTC simply could not handle an increase in 100 million+ users. There is no time to wait 5 years for this imaginary "Lightning Network" to suddenly manifest from vaporware into reality.

FORK IT ALREADY.

Ahh those bloody idiots are back 

Can you do no maths? How big will the blocks need to be to "handle an increase in 100 million+ users"  yeah maths are hard. Please fork off already to your alt and have fun just don't call it bitcoin to confuse people

Stop pretending that the present technology couldn't handle large blocks.

Perhaps the solution is to do both (blocksize increase and off-chain LN type deal)

But you can't just do one, or the other. Core has refused to compromise over and over, they refuse to raise the blocksize to even 2mb which pretty much everyone agrees could be very EASILY handled.

Core has shown they have no leadership skills, no vision and are motivated primarily to their own self-serving egos. They do not serve the greater whole. Furthermore, they engage in a deceptive campaign of censorship and other shady tactics to force their own side to "win", this has needlessly damaged the Bitcoin community itself by refusing to even allow certain discussions. The community has been effectively divided in this way. Can you even quantify the damage that has been done to all of us as a result of this?

You can ignore it all if you want, but it will hurt you in the end.

Again no maths on blocksize that can "handle an increase in 100 million+ users". Sound like a butthurt miner shill.

PS: I'm all for a 2mb blocks + segwit. Let's just enable it already. Only something telling me that miners won't be happy with that either